The Securities and Exchange Commission approved a plan Wednesday to overhaul regulation of money market funds, which are some of the biggest buyers of asset-backed commercial paper (ABCP).

The proposal is intended to safeguard these funds from the kind of run by investors that occured in 2008, when shares of a major fund fell below $1, or "broke the buck," as the result of s exposure to debt issued by Lehman Brothers. In the days that followed, nearly $200 billion was withdrawn from prime money market funds - about 10% of the sector's invested assets. This led to severe funding pressures for issuers of commercial paper.

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